Under no circumstances, the dilution of the stake held by the government in the Life Insurance Corporation of India would be allowed, said Minister I. Periasami here on Saturday.
Speaking at the demonstration organised by the LIC Employees Unions condemning the proposal to come out with the Initial Public Offer by the LIC of India, he said that it was the Kamadhenu for every individual in the country and it should remain intact with the government always.
In some form or the other, the funds with the LIC was used for basic needs like drinking water, laying roads and among others across the country. Hence, the huge reservoir of funds with the Corporation should be with the public treasury and should not change hands to private corporate houses, Mr. Periasami said.
Trade union leaders affiliated to the CITU and other unions also spoke and stressed that the Union government should go back on its decision and any failure or delay may result in formation of a people’s movement towards achieving the goal.
